Trafalgar Property Seeks Alternative Funding Amid Site Deal Loan Delay

(Alliance News) - Trafalgar Property Group PLC said Tuesday it had secured a potential offer for ...

Alliance News 25 June, 2019 | 3:32PM
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(Alliance News) - Trafalgar Property Group PLC said Tuesday it had secured a potential offer for bridge funding for its GBP2.3 million acquisition of a development site in Surrey, amid a delay in the negotiations to secure a loan for the deal.

In late April, Trafalgar announced it had signed an agreement to buy a 1.3 acre development site in Camberley to build an assisted living scheme. The deal was subject to securing loans in order to fund the buy.

Trafalgar had described the deal to buy its first development site as a "major milestone."

On Tuesday, Trafalgar explained negotiations with lenders were "taking longer to finalise than expected." The company emphasised, however, that it had received an offer for a bridging loan from a private finance firm and is sourcing other funding in order to complete the acquisition.

Trafalgar must complete the acquisition by July 9 or else it would lose its GBP230,000 non-refundable deposit.

Shares in Trafalgar were 6.7% lower at 0.35 pence in London on Tuesday.

By Ahren Lester;

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Trafalgar Property Group PLC 0.11 GBX 0.00 -

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